There seems to be a misconception that you cannot include credit cards in a bankruptcy. This could not be more far from the truth. In most cases credit cards are treated like any other debt for bankruptcy purposes. The new bankruptcy law did make it more difficult to clear out some debts incurred within a short period prior to the filing of the bankruptcy. The law in this area is basically the same as it was prior to the passage of the new bankruptcy amendments. Certain debts can survive the bankruptcy if a creditor files papers with the bk court requesting that the debt survive and the court agrees with the original creditor. The process is not automatic however and you have the opportunity to dispute what the creditor is saying.
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Just because you are filing for bankruptcy does not mean that you have to give up all of your property. Most people are able to keep all of their property in bankrupcy. This is because certain property cannot be sold or taken from you according the bankruptcy exemptions that are provided by state or federal law. The new BK laws made certain changes concerning residency requirements and in some cases actually capped the amount of equity that is protected in a residence. These changes should not effect most people however. On a good note, Congress did pass a provision allowing a person to be able to protect up to a million dollars in a qualified retirement account or IRA.
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Consumers filing for bankruptcy must obtain consumer credit counseling within 6 months prior to filing date. Some jurisdictions require that you obtain CCCS counseling at least the day before you file the BK or your case can be dismissed. This does not, however, mean that a consumer must develop or create a repayment plan before filing the bankruptcy.
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“If the American people ever allow private banks to control the issue of their currency, first by inflation then by deflation, the banks and corporations will grow up around them, will deprive the people of all property until their children wake up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.” Thomas Jefferson
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